Financial Conduct Authority (FCA)
Opinion: Unpicking the regulator’s ‘Dear CEO’ letters
Sicsic Advisory’s Hugh Savill says the FCA’s latest letters reveal a sceptical regulator and outlines what it means for brokers
FCA says all options on table ahead of possible phased implementation period for Consumer Duty
Brokers have been urged to prepare for the April deadline as the Financial Conduct Authority ponders changes to the implementation period for Consumer Duty regulations.
Car premiums up 7.8% since start of 2022
The cost of car insurance has risen 7.8% since the start of the year after new rules came in to tackle the practice of “price walking”, research by Consumer Intelligence has revealed.
FCA names Ashley Alder as chair
HM Treasury has appointed Ashley Alder as the new chair of the Financial Conduct Authority succeeding Charles Randell.
People Moves: 4-8 July 2022
Stay informed of the top personnel changes in insurance.
FCA strikes suspended
Strikes at the Financial Conduct Authority due to take place today and tomorrow (5 and 6 July) have been paused after negotiations between disgruntled staff and the regulator re-opened.
Blog: FCA data update – a glimpse into the future
Michael Sicsic addresses the key points in the regulator’s latest data missive flagging “there really are going to be very few places for bad operators left to hide”.
Insurtech and ESG suggested to be FCA’s next regulatory focus
Compliance experts at the Managing General Agents' Association conference, on 29 June, have suggested insurtech and ESG as the next areas for regulatory focus by the Financial Conduct Authority.
Football clubs step up BI court case against insurers
A group of professional football clubs has set out its demand for multiple business interruption payments having kicked off a High Court multi-million pound Covid-19 related legal case last month.
Action group vows to pursue broker Pound Gates after BI policies fail to pay out
A group of nurseries is banding together to sue broker Pound Gates for an estimated £10m after it recommended business interruption insurance policies that failed to pay out during the Covid-19 pandemic.
Rishi Sunak flags speedy reform for Solvency II rules
The Chancellor of the Exchequer Rishi Sunak told insurance executives at a meeting on Monday that Britain wants to reform its insurer solvency rules quickly.
New Treasury sub-committee to scrutinise regulators
The Treasury Select Committee has revealed a new sub-committee to scrutinise regulatory proposals for financial services in the post-Brexit landscape.
FCA warned on nearly 2000 potential scams in 2021/22
The Financial Conduct Authority added 1966 possible scams to its consumer warning list between May 2021 and April 2022 the watchdog has confirmed as it updated on the progress of its data strategy.
FCA fines JLT Specialty £7.8m for financial crime control failings
The Financial Conduct Authority has fined JLT Specialty £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m to take place.
Biba supports FCA travel insurance review delay as directory enquiries double
The British Insurance Brokers’ Association has backed the Financial Conduct Authority’s decision to delay a review into travel insurance signposting for medically vulnerable customers by a year.
FCA delays travel insurance signposting review
The Financial Conduct Authority has delayed its review into the implementation of travel insurance signposting rules by a year.
FCA warns on areas of harm in wholesale market
The Financial Conduct Authority has zoned in on wholesalers, MGAs, the London Market and consolidators and warned that firms have “not fully embraced its key messages” around product oversight or firm culture and purpose.
FCA hit by second wave of strike action as Unite says regulator in deep crisis
Unite members have gone on strike at the Financial Conduct Authority for the second time in a walkout scheduled to last 48 hours.
Two-thirds of schemes brokers not satisfied with compliance support from insurers
Only 34% of schemes brokers are satisfied with the support they receive from their insurers in dealing with compliance matters, according to research from Ecclesiastical.
Dirty Martini cocktail chain owner files £4m BI legal case against QIC Europe
CG Restaurant has opened a £4m business interruption legal proceeding against QIC Europe at the High Court in London.
Richard Lloyd steps up as interim chair at FCA
Richard Lloyd has become chair at the Financial Conduct Authority on an interim basis taking over from Charles Randell.
People Moves: 30 May - 01 June
Keep up-to-date with the latest job changes in insurance.
FCA reveals D&I and AR delays
The Financial Conduct Authority has delayed its consultation paper and policy statement on diversity in financial services as well as a policy statement on reviewing the appointed representatives regime.
Biba pushes back against FCA letter
The British Insurance Brokers’ Association has criticised the tone taken by the Financial Conduct Authority in its letter to brokers and promised to respond to the watchdog to defend the work done by the sector.